Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.
Neiman Marcus Files for Chapter 11 Bankruptcy Protection
The luxury department store chain succumbed to its mounting debt and the effects of the coronavirus pandemic.

Dallas—Neiman Marcus Group Ltd. filed for Chapter 11 bankruptcy protection Thursday amid its struggle with mounting debt coupled with the “unprecedented disruption” caused by the coronavirus pandemic.
The luxury department store chain said it plans to reorganize and emerge from bankruptcy by the fall.
Neiman Marcus, like so many retailers, temporarily closed its 43 locations in response to the pandemic and furloughed 14,000 workers.
The closures, which include Neiman Marcus, Bergdorf Goodman, and Last Call stores, have been extended to May 31 in light of health and safety concerns, said the company, adding that reopenings will not be affected by the bankruptcy proceedings.
The retailer is continuing sales through its e-commerce sites, and is offering curbside pickup at 10 stores, including all stores in Texas, as well as in Tampa, Las Vegas and at its Tysons Corner store in Virginia.
As of Monday, the Atlanta and NorthPark (Dallas) Neiman Marcus stores are available to customers by private appointment.
RELATED CONTENT: So Long: The Big Stores We Bid Farewell to in 2019CEO Geoffroy van Raemdonck said in a press release the company was making “solid progress” toward long-term profitability and sustainable growth until COVID-19 hit.
“We are facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business.”
The retailer has secured $675 million in debtor-in-possession financing— a type of financing extended to companies in distress that is overseen by the lender and subject to court approval—from its creditors to keep itself afloat through bankruptcy.
Creditors have also agreed to a $750 million financing package to refinance the DIP financing and provide the retailer with additional liquidity.
The bankruptcy filing is expected to eliminate around $4 billion in debt, said the company.
Neiman Marcus said it plans to emerge from bankruptcy in early fall.
It’s the second major retailer to file for bankruptcy recently, joining J. Crew, which went Chapter 11 earlier this week.
The Latest

National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.

Signatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

The winning designs captured the “Radiance” theme.


Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

The singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

The bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.

The heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.

The 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.

The Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.

The historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.

To mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.

The gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.

Founder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.

Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.

If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.

The top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.

Following visits to Vegas and New York, Botswana’s minerals minister sat down with Michelle Graff to discuss the state of the diamond market.

The “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.

The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.

The New York Liberty forward is the first athlete to represent the Brooklyn-based jewelry brand.

Take a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.

The one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.

The California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.

Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.